Under the terms of a Memorandum of Understanding (MoU), the partners will work together on a number of important economic, energy and environmental matters to support the Sultanate’s development.
There will be concerted effort by both sides to support the development and competitiveness of the small and medium enterprise (SME) sector, with local companies who work with PDO being encouraged to start their own research and development with IPM.
They will encourage SMEs to carry out their basic technological research, test-proof their conceptual thoughts and innovation ideas and conduct the early-stage technology development in IPM prior to the mass production of their goods.
Both will also work to stimulate international companies to support and transfer technology and innovation to local companies and SMEs that are based in IPM. The aim is to encourage local Omani companies and entrepreneurs to embrace innovation and new technologies to sustain their future growth and become more competitive locally and regionally.
PDO will share with IPM some of the major challenges facing the oil and gas industry as a means of spurring innovation and research.
Specifically, IPM will work on developing solutions in priority areas of enhanced oil recovery, water management and energy efficiency.
PDO Managing Director Raoul Restucci said: “This agreement will strengthen the aspirations of both parties to promote and enhance the Sultanate’s economic, entrepreneurial and knowledge base in areas of competitive advantage.
“We fully support Innovation Park Muscat in its excellent work to promote and enhance the Sultanate’s entrepreneurial and knowledge base by supporting the growth of innovative Omani companies in areas that include energy.
“We are confident that its can help PDO as we seek to resolve or complex technical challenges, reduce costs, increase production and reserves, and operate in a safer and greener environment.
“Both partners are committed to increasing In-Country Value, so that more of our industry’s wealth is retained within Oman, by supporting local communities and entrepreneurs and adding value through the promotion of R&D and technology transfer.
“This is the latest move by PDO to strengthen our valued relationships with our research and development partners to build up the Omani knowledge economy, support SMEs and address some of our key challenges.”
His Excellency Dr Hilal bin Ali Al Hinai, Secretary-General of The Research Council, said: “We are pleased to partner with PDO by signing a Memorandum of Understanding with the IPM.
“It will contribute to the exchange of experiences between the two parties for the advancement of research, and initial ideas offered by the researchers, innovators, entrepreneurs and owners of small and medium enterprises.
“This co-operation will build a partnership in various fields in the future. The IPM is a focal point between the Government, the private sector and academia, by conducting joint research and studies, and coming up with solutions to the challenges facing this sector.”
As part of the MoU, PDO and IPM also aim to arrange workshops for employees of both organisations to boost capacity and of local businesses and incubated start-ups.
Note to editors: Petroleum Development Oman (PDO) is the major exploration and production company in the Sultanate. It accounts for about 70% of the country's crude-oil production and nearly all of its natural-gas supply. The Company is owned by the Government of Oman (which has a 60% interest), the Shell Group (which has a 34% interest), Total (which has a 4% interest) and Partex (which has a 2% interest). Gas fields and processing plants are operated by PDO exclusively on behalf of the Government.
For further information please contact the PDO External Affairs Directorate:
Karima Farid Al Shahaibi,
Media Relations Advisor,